The announcement of the cap and tax levels was made hours before the league ends its moratorium on transactions Wednesday. Contracts such as the one Dwight Howard agreed to with the Houston Rockets couldn't be signed during the moratorium period while the cap was calculated.

Of importance to teams wishing to sign moderately priced free agents: The midlevel exception was set at $5.15 million for teams that aren't paying the luxury tax, and $3.18 million for taxpaying teams. There's also a $2.65 million exception for teams that are under the cap.

Penalties for teams that exceed the tax limit will be harsher next season. Teams formerly paid $1 for every $1 they were over, but the penalties now start at $1.50 for teams up to $4.9 million over, with increases from there.

According to ESPN.com's Marc Stein, the Los Angeles Lakers had the highest tax bill for their 2012-13 payroll expenditures, at $29.26 million. Stein estimates that the Brooklyn Nets, whose payroll next season is similar to the Lakers' payroll last season, will have to pay between $72 million and $77 million in tax.